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Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues Announces Agenda, List of Participants for June 22 Meeting
June 21, 2010-- The Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues today announced the agenda for its public meeting to be held on June 22, 2010.
The Committee is conducting a review of the unusual market events that occurred on May 6, 2010. The Committee will hear from representatives of exchanges and significant market participants about their views and observations relating to market events of that day.
At the Committee’s next meeting, anticipated to occur in late July, the Committee expects to hear from other market participants, including brokerage houses, issuers, institutional traders and retail investors about the effects of the events of May 6. Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler and Securities and Exchange Commission (SEC) Chairman Mary Schapiro are the co-chairs of the Committee.
“The insights and views of these market participants will provide the Committee and CFTC and SEC staff with valuable information to aid our regulatory efforts going forward,” CFTC Chairman Gensler said.
“These firsthand accounts will further inform our understanding of what happened,” added SEC Chairman Schapiro.
read more
Source: CFTC.gov
Canada’s public pension funds and the tar sands dilemma
June 21, 2010--Canada’s giant public pension funds are facing a dilemma about how to address the potential environmental catastrophe of the tar sands development projects on their doorstep in Alberta.
That’s one of the key take-outs from the recent Canadian Responsible Investment Conference, organised by the Social Investment Organization in Toronto recently.
Their natural reticence has made Canadian public funds conspicuous by their absence in the worldwide investor furore over the Alberta projects, despite a clear leaning to responsible investment principles. Couple this with the weight of resource companies on the Toronto exchange and the sheer economic imperative that the tar sands represent and the funds understandably face a quandary.
read more
Source: Responsible Investor
CFTC.gov Commitments of Traders Reports Update
June 18, 2010--The current reports for the week of June 15, 2010 are now available.
view report
Source: CFTC.gov
ELX Futures Launches Eurodollar Futures Contract-Trading Starts Today; Fees Will Be Waived Until July 1, 2010
June 18, 2010--ELX Futures, L.P. (ELX Futures), a fully electronic futures exchange, announced today that it has launched its Eurodollar Futures contract. Fees associated with the new contract will be waived for market participants until July 1, 2010. The Eurodollar Futures contract joins ELX’s suite of U.S. Treasury Futures products already trading on the exchange. ELX offers state-of-the-art technology on the BGC Partners’ eSpeed platform with average turnaround times below five milliseconds.
Neal Wolkoff, Chief Executive Officer of ELX Futures, said, “The launch of our Eurodollar Futures contract is another milestone for ELX Futures. We’re proud to introduce a competing contract with a simple two-tier fee schedule that will provide a cost savings for most market participants as well as a consistently faster execution environment. ELX is continually striving to break new ground in the futures marketplace and to drive competition in a consolidated exchange environment of interest rate futures trading.”
ELX Futures will have a $0.18/contract bundled fee (clearing and exchange fees) for users with Average Daily Volume above 1,200 contracts. For low volume users at or below 1,200 contracts of Average Daily Volume, the bundled fee is $0.35/contract.
To support institutional trading needs and ensure that investors are able to execute large volume trades at a fair and reasonable price without creating undesirable volatility in the marketplace, ELX Futures will allow block trades to be submitted meeting the minimum quantity of 500 contracts.
Source: ELX Futures
Direxion Shares executes reverse share split of four ETFs
June 18, 2010-- Direxion announced today it will execute a 1-for-5 reverse split of the shares of the Direxion Daily Energy Bear 3x Shares (ERY), Direxion Daily Real Estate Bear 3x Shares (DRV), Direxion Daily Small Cap Bear 3x Shares (TZA) and Direxion Daily Technology Bear 3x Shares (TYP) for shareholders of record after the close of the markets on Wednesday, July 7, 2010.
The CUSIPs for the four ETFs will change as follows:
Regulatory exemption allows AGF funds to invest in ETFs-Relief from OSC subject to certain conditions read more
New Fund Name and New Index Take Effect for First Trust DB Strategic Value Index Fund The New Index is developed, maintained and sponsored by Credit Suisse Securities (USA) LLC and Credit Suisse Group AG (collectively, the “Index Provider”). In constructing the Index, the Index Provider utilizes HOLT, a proprietary methodology that offers unique insights into corporate performance and valuation. The HOLT methodology aims to convert accounting data into cash, as measured by Cash Flow Return on Investment (CFROI®), to closely reflect a company’s true economic performance and enable comparisons across sectors and regions and over time. The New Index is calculated and maintained by Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies. Further information regarding the composition and compilation methodology of the New Index is available at the Fund’s website at www.ftportfolios.com. Jefferies files with the SEC Van Eck files with the SEC Direxion Funds files with the SEC view filing
Source: Direxion
June 18, 2010--AGF Funds Inc. has received regulatory relief allowing its mutual funds to invest up to 10% of their portfolios in a variety of exchange-traded funds.
In a decision reported in Friday’s OSC Bulletin, AGF has been granted exemptive relief to permit its mutual funds to invest up to 10% of net assets in leveraged ETFs, inverse ETFs, gold ETFs and leveraged gold ETFs traded on Canadian or U.S. stock exchanges, subject to certain conditions.
Source: Investment Executive
June 18, 2010--First Trust DB Strategic Value Index Fund (NYSE Arca: FDV) (the “Fund”), an exchange-traded index fund and a series of First Trust Exchange-Traded Fund (the “Trust”), announces, effective following the close of trading today, that the name of the Fund has changed to First Trust Strategic Value Index Fund and the new index for the Fund is Credit Suisse U.S. Value Index, Powered by HOLT™ (the “New Index”).
The Fund previously announced the approval by the Board of Trustees of the Trust (the “Board”) of the New Index to follow the termination of the license agreement for the Fund’s use of the previous index, the Deutsche Bank CROCI® US+ IndexTM. The Board also approved corresponding changes to the Fund’s following non-fundamental investment policies, which may be changed by the Board without shareholder approval upon 60 days’ prior written notice to shareholders. Effective following the close of trading today, the Fund’s investment objective is to seek investment results that correspond generally to the price and yield (before fees and expenses) of an equity index called the Credit Suisse U.S. Value Index, Powered by HOLT™. Additionally, the Fund will normally invest at least 90% of its net assets in common stocks that comprise the New Index.
Source: First Trust DB Strategic Value Index Fund
June 18, 2010--Jefferies has filed a Pre-effective amendment to Form S-1 registration form for
Jefferies S&P 500 VIX Short-Term Futures ETF
read more
Source: SEC.gov
June 18, 2010--Van Eck has filed a post-effective amendment, registration statement with the SEC for
Market Vectors MLP ETF.
view filing
Source: SEC.gov
June 18, 2010--Direxion has filed a post-effective amendment, registration statement with the SEC for
Direxion Monthly S&P 500® Bull 2X Fund, Direxion Monthly S&P 500® Bear 2X Fund, Direxion Monthly NASDAQ-100® Bull 2X Fund
, Direxion Monthly NASDAQ-100® Bear 2X Fund, Direxion Monthly Small Cap Bull 2X Fund, Direxion Monthly Small Cap Bear 2X Fund, Direxion Monthly Dollar Bull 2X Fund, Direxion Monthly Dollar Bear 2X Fund, Direxion Monthly Emerging Markets Bull 2X Fund, Direxion Monthly Emerging Markets Bear 2X Fund, Direxion Monthly Developed Markets Bull 2X Fund, Direxion Monthly Developed Markets Bear 2X Fund, Direxion Monthly Latin America Bull 2X Fund, Direxion Monthly China Bull 2X Fund, Direxion Monthly Commodity Bull 2X Fund, Direxion Monthly 10 Year Note Bull 2X Fund, Dynamic HY Bond Fund, Direxion Monthly 10 Year Note Bear 2X Fund, HY Bear Fund, U.S. Government Money Market Fund;
Source: SEC.gov
